ON X Company prepares annual financial statements. On September 1, 2019, the Company paid $57,000 in advance for a two-year insurance policy. After the adjusting entry on December 31, 2019, what will X Company's 2019 financial statements show? Prepaid Insurance, $9,500; Insurance expense, $47,500 Prepaid Insurance, $0; Insurance expense, $57,000 Prepaid Insurance, $42,750; Insurance expense, $14,250 Prepaid Insurance, $57,000; Insurance expense, $0 Prepaid Insurance, $47,500; Insurance expense, $9,500 Prepaid Insurance, $14,250; Insurance expense, $42,750 Submit Answer Tries 0/99